Coming soon- online module for property valuations

Coming soon- online module for property valuations

The department of registration and stamps is working on an online module for the valuation of property by the people themselves eliminating the dependency on middlemen. The process of property valuations online in the public domain will ensure transparency and plug leakages in the collection of stamp duty.

Valuation is the process of ascertaining the true market value of a property for arriving at the stamp duty to be paid for registration. This includes documents where stamp duty is paid on the market value of the document like in sale and purchase, conveyance, development agreements and lease.

“We want to ensure that the valuation of all documents is done online, up from the present system where just around half of the documents are covered. This would reduce discretion and corruption while ensuring transparency,” said Dr Ramaswami N, inspector general of Registration and Controller of Stamps.

“Around 60-70% of the valuation guidelines have been put up online. Development of the remaining modules is in progress. We will soon add more features and integrate the annual schedule of rates (ASR) or ready reckoner with the valuation calculation module,” he added.

“There are some complicated documents and their valuation cannot be done online due to the limitations of the present system. Some formula have not been integrated in the online module. Therefore, the valuation for such documents will be done manually and the explanation of calculations will have to be attached with the papers to be registered,” a senior official from the department said.